Wonderla Holidays plans to raise Rs 200 cr via IPO

Wonderla Holidays, which runs two amusement parks in Kerala and Bangalore, plans to hit the primary market soon with Rs 200 crore IPO.

The company, promoted by Kochi-based electrical goods maker V-Guard Group, hopes to open the IPO within a few weeks. It is expecting the final go-ahead from the markets watchdog Sebi soon and plans to raise around Rs 200 crore from the IPO, merchant banking sources told PTI.

Sebi had sought some clarifications to the DRHP filed last April, the sources said, adding that the company is in the process of filing that.

When contacted, V-Guard Group managing director Mithun Chittilappilly refused to comment citing regulatory issues, while company Wonderla managing director Arun Chittilappilly could not be reached.

The promoters of the Bangalore-headquartered Wonderla Holidays hold over 95 per cent in the company, with the employees holding under 5% through Esops. The company plans to divest a tad over 25 per cent promoters' stake through the IPO, sources said.

According to the DRHP, the issue will constitute 25.66 per cent of the fully diluted post-issue paid-up equity share capital of the company.

Edelweiss Financial Services and ICICI Securities are the book-running lead managers to the issue.

Wonderla Holidays currently owns and operates two amusement parks in Kochi and Bangalore. It opened the Kochi park in 2002 and also operates a resort besides the amusement park in Bangalore under brand name Wonderla Resort.